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Moody's rates Wind Acquisition notes B3
Moody's Investors Service said it assigned a provisional B3 rating to the €500 million (or up to €750 million) senior notes due 2017 to be issued by Wind Acquisition Holdings Finance SA and guaranteed by Wind Acquisition Holdings Finance SpA, the direct parent of WIND Telecomunicazioni SpA.
The notes will accrue interest on a non-cash basis and be payable in kind until July 2014.
The outlook is negative.
Proceeds will be made available to parent company Weather to repay early maturities of its debt and enhance the overall liquidity position of the group.
Moody's said it affirmed the Ba3 corporate family rating, as the proposed issuance does not have any impact on the company's free cash flow until the first cash interest payment, which is due in July 2014.
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